HomeNEWSWisdomTree entitled US bank as custodian after certain modifications in Bitcoin ETF...

WisdomTree entitled US bank as custodian after certain modifications in Bitcoin ETF application

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As part of a cooperation with New York Digital Investment Group, U.S. Bank initiated crypto custody services for institutional investors in October.

WisdomTree, a New York-based asset manager, has successfully modified its Bitcoin Exchange Traded Fund (ETF) application with the Securities and Exchange Commission to appoint a US bank as a custodian.

WisdomTree recorded the U.S. Bank National Association as the custodian for its Bitcoin (BTC) trust shares in a Wednesday application. This application is supposed to be a modification to the March 11 SEC registration of Spot Bitcoin Exchange Traded Funds. The former was rendered before the US Bank began tendering cryptocurrency custody services to institutional investors.

The Securities and Exchange Commission (SEC) denied a proposal from the Cboe BZX Exchange to list and exchange shares of WisdomTree’s Bitcoin Trust on Dec. 2.

Keeping in mind the recent delay of 265 days by WisdomTree amidst its introductory submission and the SEC denial, no one can comment on if the latest change was meant to shift the focus to an altered spot Bitcoin ETF application or not. WisdomTree’s Ethereum Trust’s distinct ETF application that was reported with the SEC in May is still experimental.

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WisdomTree, which manages over $76 billion in assets, has created four cryptocurrency indices in the United States and Europe to give investors with an assorted portfolio exposure. Furthermore, on the Euronext markets in Paris and Amsterdam, the business managed to provide an exchange-traded product along with subjection to a multitude of cryptocurrencies.

A bitcoin exchange-traded fund is still required to be passed by US regulators. Crypto’s future related things are already passed through the green light by the SEC. This includes approval of BTC futures ETFs by ProShares and Valkyrie, which are among investment managers.

Fidelity, among other U.S. corporations, went for Canadian regulators for ETFs along with straightforward vulnerability to cryptocurrency.

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